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Green finance: Taxonomy, a clear legal definition keenly awaited

Even as the central bank is drawing up taxonomy for this emerging business, the degree of awareness at bank board level could be the weakest link yet

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5 min read Last Updated : Feb 28 2023 | 10:20 PM IST

In January this year, John Kerry said: “Let’s face it, (a) whole bunch of companies in the world have chosen to say, ‘I’m going to be net-zero by 2050’. And you and I, we know they don’t have a clue on how they’re going to get there. And most of them are not on track to get there.” The United States special presidential envoy for climate (and former secretary of state) was addressing an audience at the World Economic Forum in Davos this year.

Kerry may have been exaggerating to get his point across. But the fact is that the approach to green finance and all that is associated with it has little by way of legacy to fall back on. Take the Hong Kong-based Asia Securities Industry & Financial Markets Association’s first “Green Taxonomy Survey” released in December last year: 75 per cent of the respondents said they were using a taxonomy (or scheme of classification) with the “EU Taxonomy of Sus